The real oil price chart is an important tool for understanding the true value of oil over time, as it shows the historical fluctuations in the price of oil adjusted for inflation. This article explains how the chart works, how prices are adjusted for inflation, and how it can be used to analyze historical price trends and make informed decisions related to oil investments, energy policies, and economic forecasting.

Over the last several decades, the price of WTI crude oil has been affected by notable events and crises taking place throughout the world. The inflation adjusted price of one barrel of crude oil peaked shortly before the global financial crisis in 2008 at 125.21 real U.S. dollars. By the first quarter of 2009, the crude oil price had plummeted to 42.89 real U.S. dollars per barrel. By comparison, the through price during the coronavirus pandemic was 24.65 real U.S. dollars.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Fuel Oil and Other Fuels in U.S. City Average (CUUR0000SEHE) from Mar 1935 to Feb 2025 about fuels, oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Learn about the significance of WTI Real Price, the inflation-adjusted price of West Texas Intermediate (WTI) crude oil. Discover how it assesses the true value of oil, analyzes long-term trends, aids in economic policy formulation, and allows for regional price comparisons. Understand the methodology behind calculating the WTI Real Price and how it provides a more accurate reflection of crude oil's purchasing power.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Graph and download economic data for Producer Price Index by Industry: Oil and Gas Extraction (PCU211211) from Dec 1985 to Jan 2025 about extraction, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

One gallon of motor gasoline cost end users in the United States around 1.24 real U.S. dollars in 2023, down from 1.43 real U.S. dollars in the previous year. Figures in 2022 were impacted by that years surge in crude oil prices, following supply restraints related to the Russia-Ukraine war. According to the source, real dollars have been adjusted for inflation. They reflect the purchasing power of a U.S. dollar relative to the period from 1982 to 1984.

The real price of crude oil is a measure of its value adjusted for inflation over time. This article explores the factors influencing the real price, its historical volatility, and its implications for the global economy. It also discusses the influence of speculation and financial market dynamics, as well as the regional and type-based variations in the real price of crude oil. Understanding the real price is crucial for informed decision-making in the energy sector.

Urals Oil decreased 3.02 USD/Bbl or 4.41% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

Graph and download economic data for Import Price Index (End Use): Crude Oil (IR10000) from Dec 1980 to Feb 2025 about end use, crude, imports, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Processed Foods and Feeds: Shortening and Cooking Oils (WPU02780115) from Dec 2011 to Feb 2025 about processed, oil, food, commodities, PPI, inflation, price index, indexes, price, and USA.

About this dataset

Context

The dataset illustrates the median household income in Oil City, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Oil City decreased by $4,824 (16.82%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

https://i.neilsberg.com/ch/oil-city-la-median-household-income-trend.jpeg" alt="Oil City, LA median household income trend (2010-2021, in 2022 inflation-adjusted dollars)">

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

• 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

• Year: This column presents the data year from 2010 to 2021
• Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
• YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
• YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Oil City median household income. You can refer the same here

About this dataset

Context

The dataset illustrates the median household income in Oil Creek township, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Oil Creek township increased by $1,849 (3.37%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

https://i.neilsberg.com/ch/oil-creek-township-crawford-county-pa-median-household-income-trend.jpeg" alt="Oil Creek township, Crawford County, Pennsylvania median household income trend (2010-2021, in 2022 inflation-adjusted dollars)">

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

• 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

• Year: This column presents the data year from 2010 to 2021
• Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
• YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
• YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Oil Creek township median household income. You can refer the same here

About this dataset

Context

The dataset illustrates the median household income in Oil City, spanning the years from 2010 to 2023, with all figures adjusted to 2023 inflation-adjusted dollars. Based on the latest 2019-2023 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2023, the median household income for Oil City decreased by $12,474 (41.78%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $5,602 (7.68%) between 2010 and 2023.

Analyzing the trend in median household income between the years 2010 and 2023, spanning 13 annual cycles, we observed that median household income, when adjusted for 2023 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 7 years.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

• 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 0223

Variables / Data Columns

• Year: This column presents the data year from 2010 to 2023
• Median Household Income: Median household income, in 2023 inflation-adjusted dollars for the specific year
• YOY Change($): Change in median household income between the current and the previous year, in 2023 inflation-adjusted dollars
• YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Oil City median household income. You can refer the same here

Graph and download economic data for Consumer Price Index for All Urban Consumers: Fats and Oils in U.S. City Average (CUSR0000SEFS) from Jan 1989 to Feb 2025 about oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Lubricating Greases, Made from Refined Petroleum (PCU324191324191012) from Dec 1980 to Feb 2025 about refined, lubricants, petroleum, oil, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Mining Services: Drilling Oil and Gas Wells Services (WPU60110301) from Jul 1991 to Feb 2025 about wells, drilling, oil, mining, gas, services, commodities, PPI, inflation, price index, indexes, price, and USA.

In December 2024, the inflation rate in Russia stood at around 9.5 percent compared to the same month in the previous year, showing an increase. The rate has been rising since October 2024. The highest rate during the observed period was recorded in April 2022, at 17.8 percent. The term inflation means the devaluation of money caused by a permanent increase in the price level for products (consumer goods, investment goods). The Consumer Price Index (CPI) shows the price development for private expenses and shows the current level of inflation when increasing. Russia's economy, an outlook The Russian economy was expected to grow by 1.6 percent in 2025 despite the Western sanctions over the war in Ukraine that began in February 2022. At the same time, consumer prices were projected to grow by around five percent in 2025 relative to the previous year. In 2024, the inflation rate was estimated at 7.9 percent. Prices in Russia Russia’s economy is highly dependent on and affected by the price of oil. The price of the Urals crude oil stood at approximately 62 U.S. dollars per barrel in December 2024, having demonstrated an increase from the previous month. The highest producer price index (PPI) was recorded in the electricity and gas supply sector, with a price growth rate of over 12 percent in September 2024.

The naphtha prices in the USA for Q4 2023 reached 563 USD/MT in December. In Q4 2023, the USA's naphtha market experienced a bearish trend, driven by falling crude oil prices, which made production more affordable. Despite stable demand, concerns over inflation control contributed to the price decline. The market faced potential transportation challenges due to winter conditions, but supply remained steady throughout the quarter, with no major disruptions.

Naphtha Prices December 2023

Explore IMARC’s newly published report, titled “Naphtha Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of naphtha pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.